Page 135 - Neal and Massy Holdings Annual Report 2012

133 forward focused
16 Retirement Benefit Assets (continued)
Overseas plans - BS&T (continued)
The principal actuarial assumptions used were:
2012 2011
Per annum Per annum
Discount rates 7.75% 8%
Expected return on plan assets 7.75% 8%
Future salary increases 5.75% 6%
Future NIS increases 3.5% 3.5%
Future pension increases - past service 0.75% 1%
Future pension increases - future service 0.75% 2%
Assumptions regarding future mortality experience were obtained
from published statistics and experience in each territory.
The average life expectancy in years of a pensioner retiring at age 60 is as follows:
Male 82 82
Female 86 86
Plan assets are comprised as follows:
Cash and cash equivalents 11% 12%
Bonds 10% 9%
Mortgage loans 2% 2%
Real estate 16% 14%
Equities 57% 57%
Other 4% 6%